Tiffany & Co. is the jewelry brand most frequently purchased by wealthy women over the past five years, followed by David Yurman and Cartier, according to a new survey released by The Luxury Institute.
Rounding out the top 10 are, in order, Judith Ripka, Mikimoto, Van Cleef & Arpels, Bulgari, Asprey, Harry Winston and Piaget.
The Luxury Institute polled 504 women with a minimum gross annual income of $200,000 and a minimum net worth of $5 million. Overall, 63 percent of the women surveyed reported having purchased luxury jewelry in the past five years.
The survey also showed that in the women’s fashion and accessories category, Michael Kors holds a 35.9 percent market share, followed by Prada (21.1 percent), Burberry (18.3 percent), Louis Vuitton (17.4 percent), Chanel (16.8 percent), Gucci (16.6 percent) and Marc Jacobs (16.6 percent). Customers were asked which of these luxury brands, if any, they had purchased over the last 12 months. The report revealed that these brands vary widely in their ability to build relationships with wealthy women.
Customers were then asked if they had a specific sales professional they preferred to shop with or communicate with at the top 12 luxury brands purchased by men and women. Cartier had the largest share of customer-salesperson relationships (40 percent), followed by Prada women’s fashion (28 percent), Tiffany jewelry (25 percent), Louis Vuitton women’s fashion (24 percent), David Yurman jewelry (16 percent), Chanel women’s fashion (15 percent), Michael Kors women’s fashion (11 percent), Gucci women’s fashion (9 percent), Brooks Brothers men’s fashion (9 percent), Burberry women’s fashion (7 percent), Ralph Lauren men’s fashion (7 percent) and Marc Jacobs women’s fashion (6 percent).
Among the men, Ralph Lauren and Brooks Brothers held the largest market share in the men’s fashion and accessories category. Overall, wealthy men are less likely than women to build relationships with salespeople, the study found.
The study concluded that 17 percent of women surveyed have a preferred sales professional at one or more luxury jewelry brands, and 16 percent have a preferred sales professional at one or more fashion and accessories brands. Only 12 percent of men reported having a preferred sales professional at the men’s fashion and accessories brands.
“Relationship selling is not something exclusive to markets like high-end automobiles, real estate and wealth management services,” said Milton Pedraza, chief executive officer of The Luxury Institute “Even in luxury jewelry and fashion, relationships cultivated by trust and an understanding of customer preferences can help boost both frequency and size of sales.”
The study concluded that given the recent growth of men’s fashion and accessories, luxury brands could better engage wealthy men by improving one-on-one interaction beyond the purchase, by handwritten thank-you notes, free alterations and personalized product suggestions. More than half of the women who purchased from both jewelry and fashion brands said they appreciate handwritten thank-you notes.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)